VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 9, 2016) -Rainmaker Resources Ltd. (TSX VENTURE:RIR) ("Rainmaker") is extremely pleased to announce that it has entered into an option agreement whereby the Company can acquire a 100% interest in the Sarcobatus Flats Lithium property ("Sarcobatus"), located in Nye County, Nevada. The Sarcobatus property comprises 48 placer mining claims, issued by the US Bureau of Land Management, covering approximately 1,000 acres (405 hectares). Importantly, Sarcobatus is anticipated to be a Lithium Brine project as opposed to a hard-rock deposit, known for much lower costs and faster time to production. Rainmaker intends to embark on a first phase exploration program as soon as possible, and will report further on targets and dates in the near future.
Sarcobatus is located approximately 70km South-East of Clayton Valley, home to the only producing Lithium mine in the United States owned by Albermarle. This area of Nevada has seen a rapid rise of exploration activity, including Pure Energy's announcement of 816,000 metric tons of lithium carbonate equivalent (LCE). Access to the Sarcobatus Flats property is excellent, as the project lies directly adjacent to a main US highway, the US 95. With easy access to this flat and arid property, exploration costs are expected to be low (shallow drill holes), with minimal environmental impact.
"Sarcobatus is a truly high-potential lithium project which stood out from the pack as being particularly attractive for a number of reasons", commented Chris Healey, P. Geo., CEO of Rainmaker. "We have been monitoring the surging lithium market as well as the deals being done in the space, and while I tend to critically scrutinize exploration assets given my 48 years as a geologist in the mining sector, the Sarcobatus lithium opportunity in Nevada hosts a number of key advantages both in terms of its geological characteristics as well as the acquisition terms negotiated by Rainmaker. We believe we can advance exploration quickly and economically, with the goal of discovering and developing a low cost lithium producer on the site, in mining-friendly Nevada."
The Sarcobatus Lithium asset is located within a valley that is over 30km long and 19km wide, into which streams from an approximately 2,070 km2 drainage basin empty. The source rocks are quartz-rich volcanics that contain anomalous amounts of lithium. Sampling of salt flats within the basin indicate lithium values in sediment samples ranging from 150 to 300 ppm (USGS Professional Paper 918, Lithium in Unconsolidated Sediments and Plants of the Basin and Range Province, Southern California and Nevada). The lithium content of soils and vegetation in the Sarcobatus Flats property compare favorably with samples from Clayton Valley. The company's qualified person has not independently sampled the property, nor has he independently verified the quoted results. The company is relying on the data reported by the United States Geological Survey in the report cited above. INVESTMENT HIGHLIGHTS
Lithium: Critical mineral for batteries powering electric cars, amongst many tech purposes
Favourable Terms: Share acquisition, cash reserved for exploration
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